Income Tax Planning for the Terminally Ill

What is income tax planning for the terminally ill?

Terminal illness changes your financial outlook. It may be that you require more current income due to increased medical expenses or a change in lifestyle. Or perhaps transferring assets to your loved ones and engaging in estate planning is foremost on your mind. In either case, minimizing your payment of federal income taxes is likely to be one aspect of your general tax planning if you are terminally ill.

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Market Update for Month Ending 02.28.17

Another great month for stock markets

The major U.S. indices posted impressive gains in February, with the S&P 500 Index, Nasdaq, and Dow Jones Industrial Average up 3.97 percent, 3.91 percent, and 5.17 percent, respectively. The three set multiple all-time highs during the month.

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Kiddie Tax

The IRS’s kiddie tax rules limit parents’ ability to transfer investment assets to a minor child in order to take advantage of the child’s lower marginal tax bracket.

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Who Moved My Wealth?

We are in the midst of a significant intergenerational transfer of wealth, as trillions of dollars are being passed from aging parents to their baby-boomer children. But there is a second, significant movement of money that no one is talking about. That wealth won’t go to the heirs but rather to the health care system—specifically, caregivers, assisted living facilities, and nursing homes.

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